Cannon Trading / E-Futures.com
Free Guide: ‘Surival Day-Trading’ by Ilan Levy-Mayer
Register to download the guide: ‘Surival Day-Trading’ by Ilan Levy-Mayer.
Here’s a sample from the PDF:
“I started as a commodity broker back in 1998, when commissions of $25 per round turn for the E-minis were considered a deep discount. I had the luxury of observing many types of day traders and saw things from the sidelines that most traders couldn’t see during the heat of battle, one of which is the importance of solid money management for the long-term survival of day trade.
Day trading is by definition a trade that is initiated and completed during the same trading day. In this wide category, you will find many types of traders. On one end of the spectrum are scalpers, who go for one or two ticks of profit several times a day in trades lasting just seconds. On the other side are speculators who stay in a position from the start of the day until the close. One of the main appeals of day trading for all types is that the trader goes home flat without having to worry about positions. When the market closes, the day is done.
Money management, as the name implies, is applying prudent principles to help conserve your trade (risk) capital. Without risk capital to trade, a speculator does not have a chance to succeed.”